Home Bitcoin Bitcoin’s Bear Market Ends, Was $28k the Evidence?

Bitcoin’s Bear Market Ends, Was $28k the Evidence?

  • Bitcoin recorded over 22% surge in the last 7 days.
  • The current trending BTC prediction is “$1M in 90Days” by former Coinbase CTO.

Bitcoin (BTC) marked this year’s second high above $28,000 in the last 24 hours. Previously, BTC charted a high of $25,512 at the beginning of 2023. Amid global bank runs, Bitcoin’s bull run powers up the cryptocurrency market’s recovery. 

Bitcoin Price Chart – 1D (Source: CoinMarketCap)

Notably, at press time, the Bitcoin fear and greed index stood at 66, pointing out the positive market sentiment. As per data from TradingView, the average directional index (ADX) of BTC lies at 32, indicating the strong strength of the current bullish trend. 

Bitcoin’s Newer All-Time Highs

According to reports from the crypto data intelligence platform Glassnode, Bitcoin’s charts exhibited significant attainments. The cryptocurrency continues to its “higher highs.” Firstly, the exchange inflows of BTC surged to a new 8-month high. Secondly, the number of Bitcoin account addresses in profit skyrocketed to reach its 11-month-high of over 32,490,686.

In conclusion, BTC’s market performance indicates the end of the bear market that began in 2022. Traders and analysts identified signals similar to the bear market 2019.

Famous crypto investor Scott Melker a.k.a The Wolf of All Streets on Crypto Twitter stated:

“A macro higher high is the definition of the break of a bearish trend.”

BTC hit its one-year-low, also the bear bottom of 2022, at $15,883 in early November, as per CMC. Following it, it climbed to its new high of $25,512. Eventually, yesterday’s $28K is regarded as the current “macro higher high.” The talk on the end of the bearish trend, coupled with inflation and collapses, is expected to spur hyperbitconization. Aiding it, former Coinbase CTO Balaji Srinivasan predicted BTC to reach $1 million in the next 90 days. 

Parallel to the Bitcoin-positivity scenario, crypto investors face threats from hacks and scams. Likewise, a Prague-based Bitcoin ATM manufacturer General Bytes reported the compromise of the user’s API keys via a hack. This led them to shut down their cloud service to bolster security.

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